A New York-based investor is making another multifamily play in the Texas suburbs.
Cantor Fitzgerald Income Trust, a REIT managed by the global financial services giant, bought a 200-unit apartment complex in the Houston suburbs for $43.4 million in an off-market deal last week, according to an SEC filing.
The 15-acre property at 1804 Longmire Road in Conroe, Texas — a city of 98,000 people about 40 miles north of Houston — was built in 2005. The seller was identified in the SEC filing only as Hilltop Conroe, LP.
Landings of Conroe
Known as the Landings of Conroe, the property — which sits on a populated stretch of the Interstate 45 corridor, just north of The Woodlands — has 31 buildings with almost 232,000 rentable square feet. Its 200 units, which range from one- to three-bedroom apartments, were 96 percent leased as of April 11, with average monthly rent of $1,262.
Its amenities include a clubhouse, a fitness center, a swimming pool, a picnic and grilling area and a dog park.
Cantor Fitzgerald purchased the complex through a joint venture with CAF Management, a Frisco, Texas-based multifamily real estate firm. Cantor Fitzgerald Income Trust controls 97 percent of the venture, but the property will be managed by CAF, according to the filing.
The same venture last year acquired a 304-unit apartment complex in Carrollton, Texas, in the Dallas-Fort Worth area, for $56.5 million.
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